Vukile Property Fund Limited - Vukile Focusing On Portfolio Enhancement For
Growth
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE CODE: VKE
ISIN: ZAE000056370
For further information call
Gerhard van Zyl, CEO Vukile Property Fund Limited
on (011) 288 1002
VUKILE FOCUSING ON PORTFOLIO ENHANCEMENT FOR GROWTH
Johannesburg, 30 June 2005 - Property loan stock Vukile says in the current
climate of high property prices it is focusing on the enhancement of its
existing properties in order to extract maximum value from them.
In its annual report published today the company, which recently published
forecast-beating maiden results, said it was currently giving priority to the
redevelopment, expansion and upgrading of its existing properties rather than to
the acquisition of new ones, as its existing portfolio had the potential for
significant organic growth.
`The emphasis on existing properties does not, however, preclude the company
from considering attractive acquisition opportunities should these arise,` say
chairman Anton Botha and chief executive Gerhard van Zyl in their annual review.
Other strategic issues currently receiving attention are the securitisation of a
major portion of Vukile`s long-term debt, which could achieve significant
interest savings, and a further improvement in the Vukile linked units`
liquidity. A management drive to broaden the shareholder base has already had a
positive effect on the units` liquidity, with the average monthly trade jumping
from an average of R5.9 million in 2004 to more than R37 million in the first
quarter of 2005.
Regarding its acquisition earlier this year of some 74% of MICC Property Income
Fund, another listed loan stock company, Vukile said it still aimed to acquire
the remaining units and was investigating various means of achieving this
objective. In the meantime, it had assumed managerial and administrative
responsibility for MICC.
Issued by du Plessis Associates on behalf of Vukile Property Fund Limited.
dPA contact Kathy du Plessis Tel : +27 11 728 4701, Fax: +27 11 728 2547,
Mobile: 083 266 5847 or e-mail: vukile@dpapr.com
Date: 30/06/2005 11:00:05 AM
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